Charting progress more accurately
Mike Seccombe correctly criticised the obsession with the GDP. Adding up all financial transactions does not measure wellbeing. The GDP ignores unpaid effort in the home or by volunteers, while counting crime, accidents, illness and resource depletion as if they were benefits. The Wakefield Futures Group recently updated the genuine progress indicator (GPI), a much more rational measure of wellbeing. It showed that South Australia, usually criticised for appearing not to grow as fast as other states, has done better than the rest of Australia. The GPI is now being used in several parts of the world to guide policy choices. We will be better served when politicians move beyond GDP.
– Ian Lowe, Marcoola, Qld